Shares of Moderna (NASDAQ:MRNA) rose on Wednesday after fellow drugmaker Pfizer (NYSE:PFE) reported strong sales of its COVID-19 vaccine and raised its full-year revenue forecast. As of 3:30 p.m. EDT, the biotechnology company's stock price was up more than 6%.
Pfizer generated $7.8 billion in coronavirus-related revenue in the second quarter. The healthcare giant now expects to deliver 2.1 billion doses and earn $33.5 billion in COVID-19 vaccine revenue in 2021, up from its prior estimate of $26 billion.
Pfizer also ramped up its profit projections. Management is now projecting full-year adjusted earnings per share of $3.95 to $4.05, up from $3.55 to $3.65, driven by a pre-tax profit margin for its COVID-19 vaccine in the "high-20s."
Pfizer's strong sales performance and financial outlook bode well for Moderna. Demand for safe and effective COVID-19 vaccines is rising as new coronavirus strains emerge and case counts mount around the world. Moderna's vaccine rivals that of Pfizer in both safety and efficacy, which means it's likely to also benefit from the same factors that are driving its competitor's sales and profits sharply higher.
Investors can expect to receive updated revenue and earnings projections from Moderna when it reports its second-quarter financial results on Aug. 5.